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SWIFT Suspends Iran Banks

A man passes the SWIFT logo at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. (Reuters)
A man passes the SWIFT logo at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. (Reuters)
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SWIFT Suspends Iran Banks

A man passes the SWIFT logo at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. (Reuters)
A man passes the SWIFT logo at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. (Reuters)

As the newly imposed US sanctions took effect against Iran, the SWIFT banking network announced Monday that has suspended several Iranian banks from its services.

"In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks' access to the messaging system," it said.

"This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system."

SWIFT, the Belgian-based Society for Worldwide Interbank Financial Telecommunication, provides banks with a secure messenger network to allow international transfers.

Without its services, Iranian banks will find it more difficult to do business with any client prepared to brave US sanctions to maintain ties with Tehran.

It its brief statement Monday, SWIFT made no mention of US sanctions coming back into effect. This likely reflects the fact that it is caught between two contrary regulatory demands.

The US government has told SWIFT that it is expected to comply with US sanctions and it could face US sanctions if it fails to do so. On the other hand, SWIFT is barred from doing so under the European Union’s so-called blocking statute, which could subject it to European penalties for complying with US law.

Some US sanctions on Iranian banks and oil exports had been suspended after Iran signed a landmark 2105 deal with six world powers to curtail its nuclear ambitions.

But these came back into effect Monday after President Donald Trump pulled out of the accord and demanded that the world again turn up the economic heat on Tehran.

US Secretary of State Mike Pompeo said waivers would be issued to allow eight countries to buy Iranian oil, but that otherwise the measures would be "relentless."

SWIFT connects 11,000 banks and financial institutions in 200 countries and territories, while prising itself on taking a neutral political stance.

It does not hold or manage client funds, but allows the banks to transfer funds by sending messages across the network.

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Erdogan Warns Black Sea Should Not Be 'Area of Confrontation' after Strikes

Turkish President Recep Erdogan addresses the media after the conclusion on the G20 Summit held at the Nasrec Expo Center in Johannesburg, South Africa, 23 November 2025. EPA/HALDEN KROG
Turkish President Recep Erdogan addresses the media after the conclusion on the G20 Summit held at the Nasrec Expo Center in Johannesburg, South Africa, 23 November 2025. EPA/HALDEN KROG
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Erdogan Warns Black Sea Should Not Be 'Area of Confrontation' after Strikes

Turkish President Recep Erdogan addresses the media after the conclusion on the G20 Summit held at the Nasrec Expo Center in Johannesburg, South Africa, 23 November 2025. EPA/HALDEN KROG
Turkish President Recep Erdogan addresses the media after the conclusion on the G20 Summit held at the Nasrec Expo Center in Johannesburg, South Africa, 23 November 2025. EPA/HALDEN KROG

Turkish President Recep Tayyip Erdogan on Saturday warned that the Black Sea should not turn into an "area of confrontation" between Russia and Ukraine, after several strikes in recent weeks.

"The Black Sea should not be seen as an area of confrontation. This would not benefit Russia or Ukraine. Everyone needs safe navigation in the Black Sea," he was quoted as telling reporters aboard his plane, according to the official Anadolu news agency.

World

Indonesia Flood Death Toll Passes 1,000

The deadly torrential rains are one of the worst recent disasters to strike Sumatra. (AFP)
The deadly torrential rains are one of the worst recent disasters to strike Sumatra. (AFP)
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Indonesia Flood Death Toll Passes 1,000

The deadly torrential rains are one of the worst recent disasters to strike Sumatra. (AFP)
The deadly torrential rains are one of the worst recent disasters to strike Sumatra. (AFP)

Devastating floods and landslides have killed 1,003 people in Indonesia, rescuers said Saturday as the Southeast Asian nation grapples with relief efforts.

The disaster, which has hit the northwestern island of Sumatra over the past fortnight, has also injured more than 5,400, the National Disaster Mitigation Agency said in its latest toll.

The deadly torrential rains are one of the worst recent disasters to strike Sumatra, where a tsunami wreaked havoc in 2004 in Aceh province, which lies at the northern tip of the island.

The final toll is expected to rise, with the disaster agency reporting 218 people are still missing.

With vast tracts of territory hit, 1.2 million residents have been forced to take refuge in temporary shelters.

Frustration has grown among flood victims, who have complained about the pace of relief efforts.

President Prabowo Subianto said Saturday the situation has improved, with several areas which had been cut off now accessible.

"Here and there, due to natural and physical conditions, there have been slight delays, but I checked all the evacuation sites: their conditions are good, services for them are adequate, and food supplies are sufficient," Prabowo said after visiting Langkat in North Sumatra province.

Costs to rebuild after the disaster could reach 51.82 trillion rupiah ($3.1 billion) and the Indonesian government has so far shrugged off suggestions that it call for international assistance.

World

Moscow, Tehran ‘Working Closely’ on Nuclear Program

Russian President Vladimir Putin and Iranian President Masoud Pezeshkian on the sidelines of the Peace Summit in Ashgabat, Turkmenistan, on Friday (Tasnim). 
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian on the sidelines of the Peace Summit in Ashgabat, Turkmenistan, on Friday (Tasnim). 
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Moscow, Tehran ‘Working Closely’ on Nuclear Program

Russian President Vladimir Putin and Iranian President Masoud Pezeshkian on the sidelines of the Peace Summit in Ashgabat, Turkmenistan, on Friday (Tasnim). 
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian on the sidelines of the Peace Summit in Ashgabat, Turkmenistan, on Friday (Tasnim). 

Russian President Vladimir Putin said on Friday that relations between Moscow and Tehran are “developing very positively,” stressing that the two countries are working in close coordination at the United Nations on Iran’s nuclear program.

He made the remarks during talks with Iranian President Masoud Pezeshkian on the sidelines of the International Peace and Trust Summit in Ashgabat.

According to Russian media, Putin said Russia is cooperating with Iran at the Bushehr nuclear power plant and on major infrastructure projects, including the North–South Transport Corridor.

He added that the two sides are also exploring cooperation in the gas and electricity sectors.

Pezeshkian, quoted by Iranian and Russian media, reaffirmed Tehran’s commitment to implementing the comprehensive strategic partnership agreement with Moscow.

He said Iran is “determined to activate the agreement” and expects Russia to accelerate implementation of joint understandings, particularly in energy, transport and strategic transit corridors.

The Iranian president said Iran would complete its share of the groundwork for the North–South Corridor by the end of the year, noting growing economic and trade cooperation between the two countries.

He also called for strengthening multilateral partnerships within frameworks such as the Shanghai Cooperation Organization and BRICS to counter what he described as “unilateralism.”

Russia and Iran aim to expand economic ties through projects such as the International North–South Transport Corridor, a multimodal route linking northern and southern Asia via sea, rail and road networks.

The corridor is intended to speed up cargo transport between Russia and India through Iran and other countries while reducing costs compared with traditional routes. The project is seen as part of Moscow’s efforts to deepen trade links with Central Asia and Europe and to lessen reliance on longer maritime routes.

Putin said bilateral trade between Russia and Iran increased by 13 percent last year and by 8 percent in the first nine months of the current year, underscoring continued cooperation in energy and infrastructure. He added that coordination between Moscow and Tehran on international issues remains “close and ongoing.”

On the sidelines of the summit, Pezeshkian also met Pakistani Prime Minister Shehbaz Sharif, with both sides agreeing on the need to accelerate implementation of bilateral agreements and enhance cooperation in transport, transit, energy and border infrastructure, according to Iran’s Mehr News Agency.